Agreement reached with Greece on financial aid

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Press conference following EU summit on Greek debt crisis, July 13th, 2015 (Picture: Twitter/@eucopresident). (Press conference following EU summit on Greek debt crisis, July 13th, 2015 (Picture: Twitter/@eucopresident))

The European Union have reached an agreement on a rescue package for Greece. The financially troubled country has to implement substantial reforms, including pension reforms and tax measures, in exchange for between 82 and 86 billion euros from the European rescue fund ESM over the next three years.

"We can say that after 17 hours of negotiations we have come to an 'agreekment'", EU president Donald Tusk said in a press conference after the 17 hour long summit concluded, NOS reports.

Prime Minister Mark Rutte called it a "difficult birth". He said that the agreement includes a solid list of measures, but it is the only way to strengthen the Greek economy. Jeroen Dijsselbloem, Dutch Finance Minister and Eurogroup chairman, said that trust is one of the main themes. According to him, all parties have made efforts to get Greece back on track.

The Greek Parliament has until Wednesday to approve the plan and implement the first points of the plan. The EU leaders made clear that the ball is now in Greek hands and that if the parliament does not agree to accept the plan by Wednesday, there will be no more money for Greece.

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